Tiger Global Management raised its stake in aerospace engineering company TransDigm Group Incorporated (TDG) by 822,972 shares to 2,622,972 shares. TransDigm accounts for a 5.26% position in the fund’s U.S. long portfolio.

TransDigm is a leading global designer, producer, and supplier of highly engineered aircraft components for use in nearly all commercial and military aircraft in service. The company estimates that about 90% of its net sales for fiscal year 2013 were generated by proprietary products. Most of its products generate significant aftermarket revenue. Approximately 53% of TransDigm’s net sales in fiscal year 2013 were generated from aftermarket sales, the vast majority of which come from the commercial and military aftermarkets. These aftermarket revenues have historically produced a higher gross margin and been more stable than sales to original equipment manufacturers, or OEMs, TransDigm said its annual filing.

TransDigm earnings for 1Q 2014 beat street estimates. Net sales for the quarter rose 23.0% to $529.3 million from $430.4 million in the comparable quarter a year ago. Organic net sales grew approximately 9.1%. TransDigm said the favorable contribution from the acquisitions of Aerosonic, Arkwin and Whippany Actuation last year accounted for the balance of the increase in net sales.

The company has been growing via M&A and looks to acquire proprietary aerospace businesses with significant aftermarket content. In December, TransDigm Group acquired Airborne Systems for approximately $250 million in cash. Airborne Systems is the industry’s leading designer and manufacturer of military personnel parachutes, cargo aerial delivery systems, emergency escape systems, naval decoys, and other related products for the defense industry. The company recently completed the acquisition of Elektro-Metall Export GmbH (EME), for approximately $47.4 million. EME, headquartered in Ingolstadt, Germany, manufactures proprietary, highly engineered aerospace electromechanical actuators, electrical and electromechanical components, and assemblies primarily for commercial aircraft, helicopters, and other specialty applications.

Net income for the quarter rose 16.1% to $86.1 million, or $1.44 per share, compared to $74.2 million, or $0.66 per share, in the comparable quarter a year ago. The company said it experienced revenue growth in all aerospace markets, and it sees continuing signs of an improving commercial aftermarket, as commercial aftermarket sales rose both sequentially and versus the prior year.

The company revised its full-year guidance to reflect the acquisition of Airborne Systems and its first quarter performance. Net sales are anticipated to be in the range of $2,283 million to $2,343 million (previously in the range of $2,155 million to $2,215 million) compared with $1,924 million in fiscal 2013.

Morgan Stanley analysts said in a note last month on TransDigm’s results that, “Given that pro-forma commercial OEM, commercial aftermarket and defense growth assumptions remain unchanged despite management’s optimistic qualitative outlook on both commercial and defense aftermarket, we believe there is further upward revision potential even without ‘surprise’ M&A.”